Gold futures traded lower by around 2.5% on Monday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
Walmart (NYSE:WMT)
- The Trade: Walmart Inc. (NYSE: WMT) President and CEO Douglas McMillon sold a total of 9,708 shares at an average price of $154.41. The insider received around $1.5 billion from selling those shares.
- What’s Happening: Walmart recently unveiled its activewear and swim brand, Love & Sports, created in partnership with fashion designer Michelle Smith and indoor cycling instructor Stacey Griffith.
- What Walmart Does: America's largest retailer by sales, Walmart operated over 11,400 stores under 54 banners at the end of fiscal 2021, selling a variety of general merchandise and grocery items.
- The Trade: American Express Company (NYSE: NYSE:AXP) Chairman and CEO Stephen Squeri sold a total of 48,160 shares at an average price of $178.38. The insider received around $8.59 million from selling those shares.
- What’s Happening: The company recently posted upbeat quarterly results.
- What American Express Does: American Express is a global financial institution, operating in about 130 countries, that provides consumers and businesses charge and credit card payment products.
Moderna (NASDAQ:MRNA)
- The Trade: Moderna, Inc. (NASDAQ: MRNA) CEO Stephane Bancel sold a total of 23,000 shares at an average price of $142.98. The insider received around $2.72 million as a result of the transaction.
- What’s Happening: Moderna recently finalizes plan for long-term strategic partnership with the Government of Canada.
- What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020.
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